Adviser recommends replacement of Target board members

by Bill Catlin, Minnesota Public Radio

St. Paul, Minn. — A shareholder advisory service is recommending that Target shareholders vote in favor of a plan to replace some board members.

The recommendation from Proxy Governance gives independent support to Hedge fund manager Bill Ackman in a heated battle with Target. Proxy Governance is advising shareholders to support two of the five proposed board members on Ackman's slate of nominees.

The service is also recommending that shareholders vote against Target's plan to reduce the board from 13 to 12 members.

Target said it's disappointed with the recommendation.